List of OWWA Business Loan Requirements for OFW Applicants
OWWA BUSINESS LOAN REQUIREMENTS – Here are the documents required by the Overseas Workers Welfare Administration in applying for the loan offer.
Are you one of the overseas Filipino workers (OFWs) who want to launch a business or your own or grow an existing one? Or you might be a loved of an OFW who want to your family to be complete in the near future. One of the entities that can help you achieve these goals is the Overseas Workers Welfare Administration or more popularly called OWWA.
OWWA launched the Overseas Filipino Workers – Enterprise Development and Loan Program or the OFW-EDLP. It aims to help OFWs start their own business or expand an existing one so, in time, working abroad is not their only choice to earn money for a living.
Under the said OWWA Business Loan offer for OFWs, there are several business types that the government agency can fund. Here are these businesses that are covered by the offer:
- Construction/rental business
- Franchising business
- Service/trading business
- Contract tie-up with top 1000 corporations
- Transport service
- Agri- and non-agri production/manufacturing with identified market linkage and raw material sources
- Any viable project whether existing or new, that should generate a net cash flow sufficient to pay the projected amortization of the loan (or resulting into debt service ratio of at least 1)
There is only a short list of OWWA Business Loan requirements in terms of eligibility. To qualify, the OFW member must possess the following eligibility criteria:
- certified OWWA Member, active or non-active
- has completed the Enhanced Entrepreneurial Development Training (EEDT)
- if the OFW is singe, a widow or widower, or separated-in-fact, he/she may be represented by his/her parents who are not more than 60 years old upon the maturity of the loan or children who are at least 18 years old at the time of the loan application
- if the OFW-loan applicant is about to leave the country or is currently in abroad, he/she may represented by his/her spouse
With regards to the OWWA Business Loan requirements in the documentary aspect, the list of documents that must be prepared depends if you are starting a business or growing an existing one. In starting a business, here are the documents needed to apply for a loan:
- Certification from OWWA confirming that you are a bonafide OFW and has finished the Enhanced Entrepreneurial Development Training (EEDT)
- two (2) valid IDs with signature
- duly-accomplished Overseas Filipino Workers – Enterprise Development and Loan Program (OFW-EDLP) Application Form
- Business Plan / Proposal
- Statement of Assets and Liabilities
- Barangay Certification of Residency
- Proof of Billing Address
- Sketch of the place of residence
If you are an OFW who wants to expand his/her business, here is a list of the OWWA Business Loan requirements that you must prepare and submit to OWWA:
- Certificate of Registration with the Department of Trade and Industry (DTI)
- Bio-data applicant
- with growing contract agreement, if applicable
- Mayor’s Permit
- Income Tax Return in the last three (3) years, if applicable
- Financial Statements in the last three (3) years, if applicable
- Last Interim Financial Statement, if applicable